INSURANCE NEWS ARTICLE - 2018

Insurance 'black box' could be the norm within 10 years

Telematic systems that track vehicle use could become standard within the next ten years and those who choose not to use them could face inflated insurance premiums or even be forced off the road.

A number of insurers are launching the systems this year which monitor driving data showing the number of journeys, time of day the vehicle is being used and even driver behaviour such as speed and braking. The main aim behind the idea is to stop insurance fraud as insurers would be able to track how the vehicle is being used against what the policy holder claimed to be using it for.

Concerns have been raised about privacy and data protection but speakers at an insurance industry conference have defended the plans saying the telematics systems would be opt-out rather than opt-in. Without the system though motorists opting out may well see an increase in their premiums or even in worse case scenarios be refused insurance.

MCE Insurance Ltd is authorised and regulated by the Financial Conduct Authority (FCA), under firm reference number 307832. You can check this on the Financial Conduct Authority Register by visiting their website on www.fca.org.uk/firms/systems-reporting/register. We are also subject to limited regulation by the Central Bank of Ireland for conduct of business rule.